Saudi Arabian oil giant Aramco has been unveiled as the sole title sponsor of the Aston Martin Formula 1 (F1) motor racing team for the next five years.
As part of a deal expansion and extension between Aramco and the F1 outfit, announced yesterday (December 15), the oil heavyweight is taking on exclusive title sponsor status from January 1, 2024.
Previously, Aramco and data technology and business service firm Cognizant had been joint title sponsors, but from January, the team will be known as Aston Martin Aramco.
Cognizant will carry on as a strategic partner of the team, which finished in fifth place in the 10-team F1 constructors’ table for the 2023 season.
Cognizant has been an Aston Martin F1 partner since January 2021, renewing that tie-up in October, while Aramco, which is also a partner of the F1 series itself, has been a commercial partner since February 2022.
Both parties have said that together, they will “work on joint science, technology, engineering, and mathematics initiatives to inspire the young technicians, engineers, and drivers of the future.”
From 2026, meanwhile, Aramco will “deliver advanced fuels and lubricants” to the team, with Aston Martin at that point bringing on board Honda as a new engine power unit partner.
Lawrence Stroll, executive chair at Aston Martin F1, has said: “We are very proud to continue and strengthen our successful partnership with Aramco. We already enjoy an important strategic relationship and their support as our title partner for the next five years is a clear demonstration of our shared ambition.
“Since 2022, they have played a key role in Aston Martin’s Formula One journey and their contribution will only become more significant in the years ahead.”
Last week (December 7), Aston Martin F1 announced an extension and expansion of its partnership with audio peripherals provider Epos.
Under the new deal, Epos retains its designation as AMF1’s global audio partner and will continue to support the team's audio and communications as it has done since 2021.
December has also seen the F1 side announce an investment deal with US-based private equity firm Arctos Sports Partners, which sees that company take a minority share in AMR Holdings GP Limited, the team’s holding company, with the investment expected to close by the end of the year.
Nabeel A. Al-Jama, Aramco’s executive vice president of human resources and corporate services, added: “The future for Aston Martin Aramco is bright, and today’s news reaffirms our long-term commitment to Aston Martin where Aramco’s expertise and technology can contribute to advanced car performance, especially with our development of advanced fuels and lubricants.”
In mid-November, it was heavily reported that Aramco was close to coming on board as a major partner of soccer’s global governing body, FIFA.
FIFA would bring Aramco on board as a sponsor until 2034 – the year in which Saudi Arabia will host the FIFA Men’s World Cup.
In addition to its F1 tie-up, Aramco is also a partner of the International Cricket Council and the Indian Premier League domestic cricket competition.